Marissa Mayer is a Justin Bieber fan. Well, a fan of his company, Stamped, that is. Mayer, the new CEO of Yahoo, has made the Justin Bieber-backed company her first official acquisition at Yahoo. The price of the acquisition was not disclosed.
Yahoo purchased the mobile-app Stamped, which was founded in 2011 and is based in New York, for about $10 million. The company created a mobile recommendations platform that allowed customers to “stamp” everything from a favorite restaurant to a beloved song. Mayer has said she wanted to push the mobile focus at Yahoo and this company fits into the strategy.
Stamped founders said that the start-up will be creating “a new product and engineering office for Yahoo in NYC’s Bryant Park,” but declined to specify what it is.
According to CNN, the deal was strictly a talent acquisition. Stamped’s nine employees all plan to join Yahoo and will head a New York-based engineering and product team. Most of the team worked at Google before, so they had a relationship with Mayer.
Though Mayer is a notable investor she is hardly the most famous. Besides Bieber, Ellen DeGeneres, Ryan Seacrest as well as Bain Capital Ventures (Mitt Romney’s company,) Columbia Records, Google Ventures, and The New York Times Company are all backers.
Bieber, who was called a venture capitalist by Forbes earlier this year. His manager Scott Braun aka “Scooter,” decided to wield Bieber’s social media power (Bieber has 21 million Twitter followers and 43 million Facebook fans) to invest in something that spoke to Bieber’s fans: social media. Braun (and Bieber’s money) went on to invest in a number of early-stage tech startups, including Tinychat, Spotify, and Stamped. The Forbes article points out that these investments are not equity-for-endorsement deals: Bieber, like more traditional tech investors, is investing cash
Featured photo: Ray Garbo WENN.com